Offers in Compromise
Many people have heard about the IRS' "Offers in
Compromise" program, but it is very misunderstood.
- Not a give-away program
- Be
aware of scam artists promising "guaranteed
results" and "pennies-on-the dollar" settlements
- If
you have the ability to pay within statute of limitations,
IRS will not settle for less
- Ability
to pay based on equity in assets plus present value
of your monthly ability to pay
- A “rough” OIC
determination included free with game plan
Offers based on doubt as to liability
- Used
when taxpayer believes amount of tax debt
is incorrect
- Example: Statute of limitations has expired on
the taxpayer's ability to file an amended return.
- Should be submitted with the assistance of a
qualified tax professional.
Offers based on doubt as to collectibility
- Used
when tax debt is correct but taxpayer is not
able to pay
- If
you offer more than IRS determines it will ever
be able to collect, IRS may be willing to settle
- Any good representative can make a rough estimate
at your initial meeting; don’t
pay thousands of dollars in fees to
someone without that determination made up front
- Tax Problem Solver, Inc.
can review your OIC paperwork before you
pay someone
CAUTION: Filing
an offer in compromise extends the statute of limitations
on collections if not accepted. Further, if your
offer is accepted, you will be on a 5-year probationary
period.
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